In a landmark move for financial inclusion, Vice President Dr. Mahamudu Bawumia has unveiled myCreditScore, Ghana’s first-ever personalised credit scoring system designed to improve access to credit for millions of Ghanaians.
The platform, launched in partnership with the Bank of Ghana, allows individuals to establish their creditworthiness transparently, helping lenders make fairer assessments and rewarding financially responsible behaviour.
Speaking at the launch in Accra, Dr. Bawumia, who championed the initiative, called myCreditScore a “game-changer” for Ghana’s financial sector, which has long struggled with high lending risks and limited access to credit for the unbanked and underserved population.
“This system is a significant milestone on our journey towards a financially inclusive Ghana,” he stated. “It creates a pathway for Ghanaians to access credit based on transparent, fair evaluations.”
The Vice President highlighted the benefits of the scoring system in light of Ghana’s 24.3% non-performing loan (NPL) rate, which has made lending riskier and more expensive. By enabling financial institutions to accurately assess borrowers’ risk based on their credit history, myCreditScore aims to reduce default rates and improve confidence within the sector.
According to a recent pilot, the new system has already shown promise, achieving a dramatically low NPL ratio of just 1.4% compared to the 20.7% reported in 2023.
Dr. Bawumia sees this platform as essential to building a robust credit culture in Ghana that aligns with international standards.
“The absence of reliable credit information has forced lenders to restrict credit, impacting economic growth and limiting opportunities for individuals and small businesses alike,” he explained. “With myCreditScore, we are laying the foundation for responsible lending and borrowing practices.”
The initiative, a collaboration with Ghana’s private sector, marks a key milestone in digital finance for the country, with Dr. Bawumia praising local innovators for making it possible.
He expressed his gratitude to the Bank of Ghana and private sector partners, adding that “this achievement reflects the incredible ingenuity of our private sector, which has led in developing digital solutions that serve all Ghanaians.”
This launch also brings to life the vision set in 2007 when Dr. Bawumia, then Deputy Governor of the Bank of Ghana, helped initiate Ghana’s first credit reporting system with the passing of the Credit Reporting Act. Though the project was stalled after a government transition, myCreditScore now realises that vision, offering the tools necessary for a more accessible and resilient financial ecosystem.
Looking forward, Dr. Bawumia expressed optimism about the program’s impact. “With myCreditScore, we’re creating a financial system that builds trust and unlocks credit potential for every Ghanaian,” he said. “Together, we are building a Ghana where financial security is within reach for all.”
